GNCC Capital Inc (GNCP)

[C2Guy]

Investing in derivatives can take down governments too.

In 1994, Orange County, CA, became the largest municipality in U.S. history to declare bankruptcy after borrowing heavily and investing in derivatives. Those derivatives caused Orange County to lose $1.7 billion of its $7.4 billion investment portfolio.

Yet, here we are, almost 30 years later, watching a similar scenario.

https://merage.uci.edu/~jorion/oc/case.html